Basic Economics

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The bestselling citizen's guide to economics

Basic Economics is a citizen's guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions.

This fifth edition includes a new chapter explaining the reasons for large differences of wealth and income between nations.

Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English.

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About the author

Thomas Sowell is a Senior Fellow at the Hoover Institution, Stanford University. He is the author of dozens of books and the recipient of various awards, including the National Humanities Medal, presented by the President of the United States in 2003.
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Additional Information

Publisher
Basic Books
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Published on
Dec 2, 2014
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Pages
704
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ISBN
9780465056842
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Features
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Language
English
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Genres
Business & Economics / Economics / Theory
Business & Economics / Government & Business
Political Science / History & Theory
Political Science / Political Economy
Political Science / Political Ideologies / Libertarianism
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Content Protection
This content is DRM protected.
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Available on Android devices
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Eligible for Family Library

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Untangle the jargon and understand how you're involved in everyday economics

If you want to get to grips with the basics of economics and understand a subject that affects British citizens on a daily basis, then look no further than Economics For Dummies. This easy to understand guide takes you through the world of economics from understanding micro- and macroeconomics to demystifying complex topics such as capitalism and recession.

This updated edition walks you through the history, principles and theories of economics as well as breaking down all the complicated terminology, leaving you clued up on economics in no time.

Getting to grips – explore the science of economics and how people deal with scarcity

Keeping an eye on it – learn all about macroeconomics and how economists keep track of everything

Watch patterns emerge – understand why monitoring consumer behaviour is vital and all you need to know about microeconomics

Your recession guide – expert advice on recessions and a detailed look at why they occur

Open the book and find:

Why you should care about economics and how it affects you

Tools to help you understand a recession

A guide to seductive economic fallacies

All you need to know on monetary and fiscal policies

How supply and demand can be made easy

Why it's vital to track consumer choices

An in-depth look at a profit-maximising firm and the core of capitalism

Guidance on property rights and wrongs

Learn to:

Look through economic history and spot the trends

Understand micro- and macroeconomics

Get to grips with consumer behaviour and its influence on the economy

Spot the signs of a recession and see how economic decisions affect you

A New York Times bestseller

The Great Deformation is a searing look at Washington's craven response to the recent myriad of financial crises and fiscal cliffs. It counters conventional wisdom with an eighty-year revisionist history of how the American state—especially the Federal Reserve—has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central planning, and financial bailouts. These forces have left the public sector teetering on the edge of political dysfunction and fiscal collapse and have caused America's private enterprise foundation to morph into a speculative casino that swindles the masses and enriches the few.

Defying right- and left-wing boxes, David Stockman provides a catalogue of corrupters and defenders of sound money, fiscal rectitude, and free markets. The former includes Franklin Roosevelt, who fathered crony capitalism; Richard Nixon, who destroyed national financial discipline and the Bretton Woods gold-backed dollar; Fed chairmen Greenspan and Bernanke, who fostered our present scourge of bubble finance and addiction to debt and speculation; George W. Bush, who repudiated fiscal rectitude and ballooned the warfare state via senseless wars; and Barack Obama, who revived failed Keynesian “borrow and spend” policies that have driven the national debt to perilous heights. By contrast, the book also traces a parade of statesmen who championed balanced budgets and financial market discipline including Carter Glass, Harry Truman, Dwight Eisenhower, Bill Simon, Paul Volcker, Bill Clinton, and Sheila Bair.

Stockman's analysis skewers Keynesian spenders and GOP tax-cutters alike, showing how they converged to bloat the welfare state, perpetuate the military-industrial complex, and deplete the revenue base—even as the Fed's massive money printing allowed politicians to enjoy “deficits without tears.” But these policies have also fueled new financial bubbles and favored Wall Street with cheap money and rigged stock and bond markets, while crushing Main Street savers and punishing family budgets with soaring food and energy costs. The Great Deformation explains how we got here and why these warped, crony capitalist policies are an epochal threat to free market prosperity and American political democracy.
There was a time when America’s working class was seen as the backbone of the American economy, having considerable political, economic, and moral authority. But the working class we have now—far more female and racially diverse and employed by the fast food, retail, health care, and other service industries—has been marginalized, if not ignored, by politicians and pundits. This is changing, swiftly and dramatically.  

Today’s working class is a sleeping giant. And as Tamara Draut makes abundantly clear, it is just now waking up to its untapped political power. Sleeping Giant is the first major examination of the new working class and the role it will play in our economic and political future. Blending moving individual narratives, historical background, and sophisticated analysis, Draut forcefully argues that this newly energized class is far along in the process of changing America for the better.

Draut examines the legacy of exclusion based on race and gender that contributes to the invisibility of the new working class, despite their entwinement in everyone’s day-to-day life. No longer confined to the assembly line, today’s working class watches our children and cares for our parents. They park our cars, screen our luggage, clean our offices, and cook and serve our meals. They are us. 

With “Fight for $15” minimum-wage protests popping up throughout the country (and in some places winning) and economic inequality being recognized as one of the defining issues of our time, today’s working class will soon become impossible to ignore and foolish to dismiss. Sleeping Giant is the first book to tell the story of this extraordinary transformation in full and inspiring detail.
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